Onchain supply dynamics show an early shift
According to Cointelegraph, Bitcoin supply dynamics are pointing to a possible late-stage phase of the 2026 bear market. A supply-related metric has now printed its first “buy” signal” since November 2022, marking the first such reading during the current downcycle. From a market-structure perspective, that kind of signal is typically watched for signs that selling pressure, coin distribution, or broader holder behavior may be starting to change.
A buy signal does not confirm a price bottom
The report also made clear that this development should not be interpreted as confirmation that BTC has already bottomed. The analysis warned that Bitcoin price could still move lower even after the signal appeared. In other words, an improving supply backdrop may indicate that the market is getting closer to the end of the bear phase, but it does not automatically imply an immediate reversal in spot price. Onchain improvement and price confirmation do not always happen at the same time.
Cycle signal matters, but bearish conditions still define the market
The broader framing remains cautious: the market is still being described as a continuing bear market. That means the signal is best understood as a cycle-level observation rather than evidence that a fresh bullish trend is already underway. For professional market participants, the takeaway is that supply-side metrics may be improving, while price risk remains unresolved. Source: Cointelegraph. Original URL: https://cointelegraph.com/markets/bitcoin-supply-metric-prints-first-buy-signal-since-late-2022-as-bear-market-continues?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound .